April 23, 2009

China's Yunnan Aluminium posts massive loss in first quarter

2009-04-23 Kunming

China’s Yunnan Aluminium Co., Ltd. recently reported that the company posted a net loss of 129 million yuan (approx US$19 million) in the first quarter of this year, compared to 136 million yuan (approx US$20 million) in net loss for the fourth quarter of the previous year. The Shenzhen-listed company plans to raise up to 1.2 billion yuan (approx US$176 million) to fund an alumina project through a private placement of domestically listed A-shares. Yunnan Aluminium plans to issue up to 200 million shares to no more than 10 select investors, with its parent, Yunnan Metallurgical Group Co Ltd, claiming at least 50 per cent.